Nagaland developing investor friendly eco-system, says CM

Precursor to 1st Nagaland CSR & Investment Conclave 2022 held in Kohima

Our Correspondent
Kohima | July 5

Nagaland Chief Minister, Neiphiu Rio today said that the State is prioritizing on developing an investor-friendly eco-system.

He was speaking at the precursor to the first Nagaland Corporate Social Responsibility (CSR) & Investment Conclave 2022 which took place today at the State Banquet Hall Kohima with the theme ‘Partnerships for Strengthening Sustainable Development’ under the aegis of the Investment and Development Authority of Nagaland (IDAN).

The main event has been postponed as the Union Finance Minister rescheduled her visit to Nagaland for this conclave.

In terms of policy, the Nagaland CM said that the state is prioritizing on developing a facilitative and investor-friendly eco-system.

“We have launched the single window application for investors today. We would continue to work towards reducing compliance burden. We are working towards introducing a modern land law in the State. This will allow for easier availability of land through leasing for identified sectors in Dimapur, Kohima and other identified districts. This should make it easier for businesses to set-up their units,” Rio said.

The CM informed that there are many focus areas for private investment such as agro-based industries, medical education, hospitality, tourism sector, mineral based and wood based industrial clusters, textiles, handicrafts, music and arts.

“We also have many vibrant entrepreneurs and start-ups who would immensely benefit from the scale and expertise that can be offered by large corporates for win-win collaborations that would take the State to greater heights of prosperity,” he said.

CSR spending minuscule in Nagaland
He also mentioned that India is the first country in the world to make Corporate Social Responsibility (CSR) mandatory and this policy enables businesses to invest their profits in development activities.

This is a win-win for everyone as it gives an opportunity to corporates to participate in the development of the country and an opportunity to expand their markets, and it supplements the government efforts for development through private enterprise, innovation and spirit.

“We haven’t been able to attract sufficient attention of companies to take up sufficient projects from their CSR obligations in Nagaland. Out of the estimated Rs 1.25 lakh crore which companies have spent as part of their mandatory CSR over the last seven years, a miniscule 0.006% has been reportedly spent in Nagaland,” Rio said.

Rio said Nagaland wanted the companies to be in Nagaland for the long term, where they not only have their successful CSR projects running but are also able to integrate local businesses with the national supply chains.

CSR coupled with private investments would serve as an important supplement to government spending, and maximize the impact of interventions in critical development sectors.

Rio informed CEOs and captains of corporate houses and investors that “we are already implementing some excellent CSR projects in the areas of health and education in some of the districts of Nagaland such as provisioning of mobile medical units etc.”

Such ongoing successful interventions implemented at local level can be replicated on a larger scale across the entire State with the collaboration of the respective District/State Administration or local NGOs /foundations with funding from potential CSR partners, Rio said.

Law and order should not be issue for investors
Rio said that a shelf of some of the project proposals for the State has already been prepared by the State Government.

He urged the representatives of companies and other corporate entities to peruse the draft shelf of projects as may be aligned to their CSR priorities and hoped that it would result in tangible CSR commitments.

He informed that Nagaland by virtue of its unique attributes, natural and human resources has an enormous investment potential which remains untapped.

“Insurgency, and law and order in the state, in the past had prevented investors from coming to Nagaland. We are hopeful that the Naga Political Issue will be resolved soon. A ceasefire has been in place with the political groups and the Government of India for the last more than 25 years,” he said adding that the state is very peaceful, and there is less crime than other parts of the country.

Recognizing the improved situation, AFSPA has also been revoked from 15 of the 72 Police Station jurisdictions in the State. Law and order should not be, therefore, an issue for investors, Rio informed.

CM’s Micro Finance initiative
Rio informed that Nagaland will also be launching the Chief Minister’s Micro Finance initiative aimed at promoting local entrepreneurship.

This will improve availability and access to credit for them (Entrepreneurs). A healthy partnership with corporates from the rest of the country will ensure sustainability for these entrepreneurs, Rio said.

Meanwhile, Rio placed on record the support and guidance that the state received from the Union Finance Minister and the officials of the Ministries and departments headed by her. “This has encouraged us to expand the scope of the original conclave, and has given us an opportunity to interact,” Rio said.

He hoped that this curtain raiser event would encourage the corporate houses to develop meaningful and long-term partnerships with the state and also hoped that they would join the main conclave again, which is yet to be finalized.

Source: https://morungexpress.com/nagaland-developing-investor-friendly-eco-system-says-cm